Fenix Resources (FEX) investor relations material

Executive summary

• Achieved record half-year iron ore production of 2.127 million tonnes (2,127k wmt), a 126% increase year-over-year, annualizing to a 4.25 million tonne run rate, driven by three operating mines and integrated logistics and port services.

• Revenue increased by 125% to $294.2 million, EBITDA by 137% to $48.6 million, and net profit after tax by 419% to $9.7 million compared to the same period last year.

• Operational efficiency and scalability validated the multi-mine growth strategy, with Beebyn-W11 mine reaching steady state production.

• Secured a 30-year right to mine agreement at Weld Range, controlling 290–300 million tonnes of high-grade ore.

• Transitioned from a single-mine, short-term producer to a multi-mine, integrated, long-life iron ore business.

Financial highlights

• Closing cash position reached $78.6 million (nearly AUD 80 million), reflecting strong operating cash flow of $56.0 million.

• C1 cash costs reduced to AUD 75.3 per wet metric tonne, a 7–11% decrease year-over-year.

• Capital expenditure for the half was $39.9 million, including $20–22 million for the Weld Range right to mine.

• Aggressive repayment of haulage fleet assets, building over AUD 35 million in equity.

• Net assets at period end were $181.2 million.

Outlook and guidance

• Full-year production guidance reaffirmed at 4.2–4.8 million tonnes, with a midpoint of 4.5 million tonnes.

• Weld Range Scoping Study targets ramp-up to 6Mtpa by 2028 and 10Mtpa by 2031, with mine life extended to 2042.

• Life of Mine C1 cash costs projected to reduce to ~A$55/wmt at 10Mtpa.

• Definitive Feasibility Study for Weld Range due by June 2026; final investment decision expected FY28.

• Cost guidance maintained at AUD 70–80 per tonne, targeting the lower end as production scales.